The Fed has cut interest rates and expects two more reductions this year. The Federal Open Market Committee voted 11-1 on Wednesday to cut the target range for the federal funds rate to 4%-4.25%, after holding rates steady for five straight meetings this year. This is the first rate cut since last December. Only one official, the newly-sworn-in Stephen Miran, voted against the decision. He favored a larger, half-point cut. Bloomberg's Michael McKee is at the Fed with more.

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